It's a good time for a real estate industry image make over -- agent by agent.
The U.S. Department of Justice is grilling the real estate industry over alleged anti-competition and restraint of trade violations.
The Consumer Federation of America this month raked the industry over the coals in a new report that likens industry practices to a cartel.
Last month, when Harris Interactive examined adults' trust in a variety of professionals, only stockbrokers were trusted less than real estate agents.
Spring and summer typically usher in a seasonal boost in sales, but a growing number of markets are stagnant with slow sales and flat prices. The deflating market comes with increased competition from a record number of licensed real estate agents, growth in discount, online and other new types of brokerages, and gains in the FSBO (for sale by owner) sector.
Virtually every segment of the real estate industry, from appraisers to title insurance companies, is under the gun for some kind of alleged infraction, misdeed or violation.
Right now, smart public relations can your best friend, provided you cozy up to the type that garners trust and credibility.
Commissions put bread on the table and clothes on your back, but your true value to consumers is as a knowledgeable and credible source of information. Reliable information that helps clients make crucial decisions about what could be their most valuable transaction is, well, invaluable. It also garners cost-free, word-of-mouth advertising, one of the best types of advertising you can use to grow your business.
To help cull you from the herd and put you in the best light, we went to the Pittsburgh, PA, public relations firm of Rocks-DeHart Public Relations, owned and operated by Celia Rocks and Dottie DeHart.
The two have helped put the "Dummies" brand of real estate, investment, public relations and marketing guide books on map. They've placed numerous stories in the Associated Press, BusinessWeek, The Wall Street Journal, The New York Times, and Time magazine and they've sent clients for talking-head interviews to ABC World News, The View, and The Today Show.
They've also literally written the books on public relations and related topics including "101 Publishing Tips for Speakers & Consultants" (Pittsburgh Publishing, $12.95) and "Brilliance Marketing Management" (Facts On Demand, $14.95).
They say what you shouldn't do to heighten your profile as a reliable resource is just as important as what you should do and offer "Mistakes Not To Make" to help you make it so.
Thinking you'll start out on Oprah. Public relations is cumulative. Don't pass up any opportunity as a quoted source, no matter how insignificant it may appear. The agency notes a small book signing netting only eight or nine people in the audience, but one was a New York Times reporter. Not planning in advance. Do not send out a press release about the seasonal buying and selling market in the middle of the seasonal buying and selling market and expect to get a call. Most writers have already lined up sources. Likewise, don't issue a press release and then fly off to a conference or vacation. Plan ahead. Publicizing the fact that you are a top-sales real estate agent rather than an expert in your field or local market. Send press releases that underscore your knowledge of the market, why it's behaving the way it is and what could happen next. Reporters, editors and publications on and off line want newsworthy information. Information that is valuable to their readers. Your sales award may be important to you, but it doesn't make a good story. Missing opportunities to tie into newsworthy events. Just as the real estate market was giving investors the jitters, a Rocks-DeHart author released a book about real estate investment opportunities in student housing. Don't overlook obvious angles, holidays, current economic news, social and demographic topics and new twists in old stories. Being uncooperative with reporters and editors. "Deadline" really does mean "deadline." Return calls promptly. In every office, the person who answers the phone (you, your secretary, the boss) whoever answers the phone should have a cheat sheet at hand with a list of salient facts, including a brief description of your company and its services, correct name spellings and titles of principals, recent market information, etc. This cuts down on time wasted waiting for a call back with answers to simple answers. Being rigid about your pitch and or target audience. Only you may think your idea is a great one. If it isn't getting the media's attention, go back to the drawing board. Overlooking secondary niche markets. Your primary market may be daily newspapers and the real estate media, but don't forget airline, parenting and regional magazines which also have readers interested in the real estate market. You may have to spin your release to target a specific publication. Failing to get to know the media outlets you court. Spend time learning what writers and publications write and publish as well as what they don't write and publish. Read bylines. Some contacts don't show up on traditional media sources. Failing to get to know freelancers. With print publications' ad revenues dwindling, publications are cutting costs by hiring freelancers. Treat them with the same respect as you do salaried journalists.
